If he did convert it would be a real problem. It's not so much the Act of Settlement, which parliament can easily amend. It's the way the monarch is institutionally embedded into the church, and the way the church is established for the country that would cause all kinds of constitutional headaches.
He may have already been received into the communion of the Orthodox Church. I wonder when the last time was that he received the sacraments from an Anglican minister. And if he did, perhaps his Athonite spiritual father would sanction it in his unique circumstances.
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